RBI impose Rs 1 cr penalty on Paytm Payments Bank

Sumit Arora Last updated on October 22nd, 2021 10:25 am Leave a comment

The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore on Paytm Payments Bank Limited (PPBL) over certain specified violations, as referred in Section 26 (2) of the Payment and Settlement Systems Act, 2007. RBI observed that the information submitted during Paytm Payments Bank’s application for the issue of the final Certificate of Authorisation (CoA) did not reflect the factual position.

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It has also penalised Western Union Financial Services by imposing a penalty of Rs 27.8 lakh for violating the prescribed limit of remittances per year.

Important takeaways for all competitive exams:

Chairman of Paytm Payments Bank Ltd: Vijay Shekhar Sharma;
MD and CEO of Paytm Payments Bank Ltd: Satish Kumar Gupta;
Paytm Payments Bank Ltd Headquarters: Noida, Uttar Pradesh.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.